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February 16, 2015

Australia

Commodities Group/Seafarms/Project Sea Dragon

 

   

 

Shares in Commodities Group rose after the company announced an access and option agreement over a Northern Territory cattle station as part of its plan to create Australia’s largest shrimp farm.  The three-year agreement gives Commodities Group the right to begin planning a shrimp farm on the 180,000-hectare Legune Station as well as the option to purchase the station outright.

 

“The signing of the access and option agreement has put Seafarms in a position to immediately begin the process of obtaining regulatory and environmental approvals, completing a bankable feasibility study and arranging funding for Project Sea Dragon,” the company said in a statement.  Based on its plan for a 10,000-hectare giant tiger shrimp (Penaeus monodon) farm, Commodities Group has put a cost of $1.13 billion on Project Sea Dragon.

 

Controlled and led by Ian Trahar, the company envisages a staged rollout of its plan, which would eventually employ 1,600 workers from Darwin, Legune Station, Kununurra, Wyndham and Exmouth.

 

Commodities Group said the agreement would put it in a position to engage with potential financial partners, including those who had previously expressed interest in participating in the project.

 

“This, together with a successful Christmas 2014 trading period for its north Queensland prawn operations, sets the company and Seafarms (its subsidiary) up for a strong and productive 2015 year,” Commodities Group said in a statement.

 

The company bought Coral Sea Farms in Queensland in September last year for $4.2 million as part of a trial for its wider Project Sea Dragon plan.

 

Source: The West Australian.  NT Station in Prawn Farm Deal.  February 16, 2015.

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